Santacruz Silver – Nasdaq Uplisting, Q4 Operations Review, and 2026 Growth Initiatives

The KE Report Jan 30, 2026

Summary

Santacruz Silver uplisted to NASDAQ in January 2026, citing growth-stage visibility over the NYSE.

Q4 2025 production hit 3.74M silver-equivalent ounces, up 34% sequentially; full-year 2025 around 14M oz.

Treasury reached ~$80M with no debt, streaming, or royalties — full upside on silver at $114.

2026 growth comes from Esperanza (zinc) by late February, Zimapán's high-grade Level 960, and Soracaya in Q4.

Management is evaluating accretive underground acquisitions across the Americas beyond current Bolivia and Mexico footprint.

Just completed its NASDAQ uplisting under ticker SCZM (graduated from TSXV/SCZ); the CEO argues this materially broadens daily trading liquidity and the US investor base going into 2026.
Q4 2025 production was ~3.79 million silver-equivalent ounces; full-year 2025 came in at ~14 million oz vs. ~16 million oz in 2024, with the shortfall attributed mainly to water-inundation issues at the Bolivar mine in Bolivia.
Bolivar recovery is running ahead of plan as crews re-access the high-grade Poma Bamba and Nanae veins; the CEO expects silver recoveries to improve quarter over quarter, reaching full vein capacity by the end of 2026.
2026 organic growth pipeline: the Esperanza mine at the Caballo Blanco complex is roughly a month from commercial production (more zinc-skewed); Zimapon in Mexico is ramping Level 960 (~10K of 75K monthly tons now, ~40K targeted by year-end) alongside a newly installed flotation circuit; Sorocaya expects full mining permits by summer 2026 and first ore processed by year-end via a third-party/San Lucas mill.
No debt, no streams, no royalties; treasury ended 2025 at ~$80M and the CEO says it could approach ~$250M by year-end 2026 at current metal prices, leaving capital available for accretive underground-mining acquisitions across the Americas (US, Canada, Mexico, Central and South America).

Top takeaway Frames 2026 as an execution year on multiple growth levers — Bolivar recovery, Esperanza coming online at Caballo Blanco, Zimapon efficiency upgrades, and Sorocaya permitting — layered on a constructive silver-price backdrop that he says materially strengthens cash flow.
Argues the stock still has 'room to go' on the basis of three fundamentals he returns to repeatedly: a clean balance sheet (no debt, streams, or royalties), growing production, and ~55% of revenue coming from silver (rising as Sorocaya ramps).
Positions Santacruz as willing and able to make accretive acquisitions in the Americas, including the US and Canada, prioritizing synergies with current underground operations and management capability over jurisdiction, and explicitly rejecting value-destructive deals.
For Sorocaya, he expects full permitted capacity (~12 months after permits) of roughly 850-900 tons per day, producing around 3 million silver-equivalent ounces per year — mostly silver — at all-in sustaining costs comparable to Caballo Blanco (~$17-20/oz silver equivalent).
Pitches the no-stream/no-royalty structure as the reason 'every penny' of the step-change in Q1 2026 realized prices (vs. Q4 2025) flows directly to shareholders.

Top takeaway Argues Santacruz Silver is potentially undervalued relative to peers, noting that producers doing roughly half (or less) of Santacruz's 14-16 million oz/year trade at around $3 billion in market capitalization.
Suggests most sell-side analysts have not yet modeled the substantial step-change in average realized metal prices between Q4 2025 and Q1 2026, and frames the NASDAQ uplisting combined with ~55% silver-revenue exposure as a re-rating catalyst.